The prospective exploration for oil in the outer continental shelf by a small, independent drilling company requires an initial investment of $750,000. The estimated annual revenue from the oil production is $320,000. The life time of of the project is 12 years. At the end of the last year, the company needs to pay $1,300,000 to dismantle the drilling rig. If the company's external investment rate is the same as its MARR at 18%, what is the ERR of the project? (Please keep two decimal places and exclude '%' in your answer. (e.g. if your answer is 18.45%, enter 18.45.)